Things to consider with a Bad Credit Loan Remortgage

If you have a bad credit history, the interest rates on your repayment will be higher. Make sure that if you commit to a bad credit loan remortgage you will be able to meet the repayments, otherwise you could be at risk of losing your house. If you are remortgaging to raise cash, talk to an experienced financial advisor before committing to a deal in case any alternatives are available to you.

If you are currently in a fixed rate deal with your existing lender, you may be charged a fee for moving to a new lender. This would cancel out any savings that you would make by taking on a bad credit loan remortgage at a better rate of interest. Make sure you consider the pros and cons of switching whilst in a fixed rate remortgage, as it may end up costing you more.

Overwhelmed by all the bad credit loan remortgage options in the market? Rather than attempting to compare interest rates, look at the APR (annual percentage rate of change) for a realistic comparison rate. This factors in all the additional fees and charges, so it is much easier to work out the best deal over the entire term of the bad credit loan remortgage.